Trump's bid to buy Greenland could make Ozempic more expensive

Donald Trump is once again stirring controversy with his interest in Greenland. This strategically important island belongs to Denmark, but Trump's plans to buy it could have serious implications for the prices of popular drugs such as Ozempic, used in the treatment of diabetes and obesity. As Trump employs his usual tactic of threatening high tariffs, there are fears that the prices of these vital drugs could rise significantly for Americans.

President Donald Trump recently reiterated his interest in buying Greenland from Denmark. During a press conference last week, he said that if Denmark does not sell Greenland to the United States, he will impose "very high" tariffs. While Greenland is a self-governing territory under the Kingdom of Denmark, its strategic importance to the US is undeniable. If Trump goes ahead with his plans, this could have significant consequences for the prices of certain drugs, notably Ozempic and Wegova.

Ozempic, as well as Wegovy, are some of the most sought-after drugs on the market, not only in the US but also worldwide. In 2023, around $5.7 billion in pharmaceutical products were imported from Denmark into the U.S., with the majority of that amount coming from Novo Nordisk $NVO, the manufacturer of these drugs. With growing demand and the threat of high tariffs, the market for these medicines could be seriously disrupted.

"Novo Nordisk still retains considerable monopoly power in the market," said Jacob Funk Kirkegaard, senior fellow at the Peterson Institute for International Economics.

The current price of a pack of Ozempic is approaching $1,000 and Wegova is over $1,300 a pack, which already makes U.S. prices much higher than in other countries.

If Trump's plans to impose high tariffs actually go into effect, it could not only raise prices but also create a problem for insured patients who are used to lower costs.

As Christine McDaniel, a former trade official in President George W. Bush's administration, said, "With Trump, tariffs are a common tool. He's trying to get attention." which in this case is no exception.

Trump's pressure on Denmark over Greenland could lead to a trade war where the EU could respond with anti-American tariffs. This scenario could have serious consequences for EU-US trade, while increasing tensions between the two sides.

As a result, the future of Ozempic and Wegova prices is uncertain, but one thing is clear - any changes could have a significant impact on the millions of Americans who need these drugs for their health.

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